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onwood Company manufactures cast - iron barbeque cookware. During a recent indstorm, it lost some of its cost accounting records. Ironwood has managed to econstruct
onwood Company manufactures castiron barbeque cookware. During a recent indstorm, it lost some of its cost accounting records. Ironwood has managed to econstruct portions of its standard cost system database but is still missing a few ieces of information.
equired:
Ise the information in the table to determine the unknown amounts. You may assume lat Ironwood does not keep any raw materials on hand.
lote: Indicate the effect of each variance by selecting F for favorable, U for nfavorable, and "None" for no effect ie zero variance
tableDirect Materials,,tableDirectStandard amount per pan produced,,pound,Standard price,$per pound,$Actual amount used per pan produced,,pound,,Actual price,$per pound,$Actual number of pans produced and sold,,pans,,Direct materials price varianceJirect materials quantity varianceDirect materials spending varianceDirect labor rate varianceDirect labor efficiency varianceDirect labor spending variance,,,,,
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